- Galaxy Digital purchases $23.4 million worth of BTC.
Institutional investment sees Bitwise expand to European market.
As a seasoned researcher with a keen eye for market trends and institutional behaviors, these recent developments have caught my attention. The strategic moves by Galaxy Digital and Bitwise are clear indicators of the growing confidence in Bitcoin as an asset class among institutional investors.
Over the course of the year, significant buyers of Bitcoin (BTC) among corporations have been quite active. Following the debut of Bitcoin spot ETFs and a surge in price to an all-time high, these companies have actively sought to increase their holdings of this digital currency.
In recent developments, Galaxy Digital has purchased 400 BTC.
Galaxy Digital purchases $23.4M worth of BTC
As per findings from Arkham Intelligence, wallet 12QVsf belonging to an asset manager was credited with approximately 400 Bitcoin from Binance.
According to current market values, the cost of the purchase amounted to approximately 23.4 million dollars. This information was shared by the on-chain analyst ai_9684xtpa via the X page.
“Approximately 30 minutes ago, Galaxy Digital ( @galaxyhq) is believed to have acquired around 400 Bitcoin, with a current value of about 23.4 million U.S. dollars.”
The latest acquisition indicates a change in the company’s approach towards its financial investments, given the current high volatility in the cryptocurrency market.
Galaxy Digital’s BTC Strategy
Galaxy Digital’s decision to strengthen its assets comes as it has been actively offloading them, according to an On-chain analyst report. As per the latest findings by X, it appears that the company has recently carried out substantial sell-offs.
“Over a period of six days starting from July 27th and ending on August 2nd, an agency removed approximately 6,950 Bitcoin, worth up to $464 million USD at the average price of around $66,776 each, from Binance. In the following week, from August 3rd to August 6th, another 2,050 coins (approximately $112 million USD) were deposited back into the exchange. If these coins had been sold at that time, a loss of about $24.78 million USD would have been incurred.”
Galaxy Digital employs an unusual strategy when dealing with Bitcoin, choosing to make sales regardless of advantageous market situations. Their handling of BTC can be described as adaptive, as they engage in both buying and selling transactions.
The business uses a strategy of purchasing and reshuffling its Bitcoin assets. This latest purchase demonstrates the company’s belief in the lasting worth of cryptocurrency.
What it Means for BTC?
In simpler terms, the recent action taken by Galaxy Digital mirrors the overall feeling among institutional investors about the Bitcoin market. These large-scale investors are increasingly pouring money into Bitcoin.
Previously mentioned by AMBCrypto, major business entities like Marathon, Microstrategy, and Metaplanet have moved towards amassing more Bitcoin. This means that institutions are betting on the future worth of Bitcoin, as evidenced by their growing purchase activity. Consequently, this heightened buying trend is contributing to a rise in Bitcoin prices.
Bitwise expands in Europe with ETC Group
As a crypto investor, I’ve noticed that the recent acquisition by Galaxy Digital aligns with the growing market interest in cryptocurrencies among significant corporations. For example, Bitwise has taken a bold step by broadening its business reach within the European market, demonstrating their commitment to this dynamic sector.
In simpler terms, the American financial firm based in San Francisco, Bitwise, has declared its acquisition of ETC Group, a significant cryptocurrency Exchange Traded Product (ETP) provider located in London. Notably, ETC Group manages over one billion dollars worth of crypto assets.
Consequently, this acquisition signifies that Bitwise is extending its operations into Europe, enriching its range of ETPs with 9 Crypto ETPs listed in Europe.
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2024-08-20 13:44